In November 2025, business activity witnessed an expansion, through the Purchasing Managers’ Index (PMI) slightly went down to 53.6 points from the 54.0 points recorded in October.
According to Stanbic IBTC Bank, which released the latest figure, there was a sharp rise in new orders, helped by improvement in customer demand for new products introduced by business owners amid an ease in inflationary pressures.
It was disclosed that input costs increased at the slowest pace in almost five years, while output prices rose to the least extent since April 2020.
The lender said output growth eased slightly in November but remained marked overall, as expansions were signalled across all four broad sectors covered by the survey.
Panellists linked output growth to higher sales, the securing of more customers and the launch of new products, which also helped to boost new business.
New orders increased for the 13th month running, and at a sharp pace that was the fastest in three months. Companies were helped by an easing of inflationary pressures, continuing the trend seen through much of 2025.
“Nigeria’s headline PMI remained in the expansionary territory in November but moderated when compared to October.
“Nonetheless, the strong output continues to reflect easing inflationary pressures which is helping to support higher sales for businesses who are now launching new products and securing more customers.
“Hence, new orders rose to a three-month high of 56.9 points from 56.3 points in October. More positively, new orders have now increased in each of the past 13 months. Consequently, output increased across all four broad sectors (Agriculture, Manufacturing, Wholesale & retail, and Services) covered by the survey, led by Manufacturing and Services.
“Input costs continue to soften, easing to their slowest since December 2020, underpinned by weaker rises in both purchase prices and staff costs. Survey participants that signalled a rise in purchase prices compared to October linked this to higher costs for raw materials and transportation. The changes in output prices also mirrored the input cost. This is as output price inflation also eased in November, slowing for the sixth time in seven months to the weakest since April 2020,” the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, commented.
“We still see the Nigerian economy growing by 4.0% in 2025. Both Manufacturing and Services are likely to see higher growth in 2025 compared to 2024 levels, based on the results from the PMI surveys so far this year.
“Elsewhere, the government has been visible in infrastructure, livestock development, easing trade constraints, and attracting investments in oil & gas and manufacturing.
“Aside from that, the Dangote refinery is expected to continue to have forward-linkage impact on other sectors of the economy.
“Also, likely lower interest rates in line with lower inflation and exchange rate stabilization should support private consumption and business investments in 2026. Because of these factors, we see more sectors contributing to real GDP growth rate in 2026 compared to 2025, likely translating to an improvement in the quality of lives of the citizens relative to 2025,” he added.